Consequences of being addicted to spending .

[TOZZIBLINKZ]

To spend is an important activity to human beings . In fact in order to acquire assets and things that we desire we have to spend money . Money is a very valuable tool to human beings which could be used in various ways to sort out daily needs , to pay bills , accumulate wealth , pay debts and loan borrowed , and also acquire assets desired etc . And because of its valuable nature it should be spent wisely and sensibly not extravagantly or loose fully .

As mentioned already , money is important to human existence so it shouldn't be used loose fully . But still many individuals in the world today are addicted to the act of spending usually caused as a result of they are huge amount of salary , all simply because they have the money . Research has shown that people who buy assets and commodities with credit card instead of cash are prone to spend money without control . But whether in cash or card . It is advisable to be mindful of how one should spend money because uncontrollable spending of money could lead to :

* Brokenness : this is actually true some persons are blessed with jobs that pay them huge amount of money , yet it is not guaranteed that one will stay in his or her job forever . So it is advisable to cut down amount of money spent on spending and consumption but rather safe to avoid being broke .

* Low savings : people who earn huge incomes in their jobs sometimes spends it usually without saving . They spend this morning on acquiring or necessary assets rather than saving . Actions like this are not commendable they must save to sort out unforeseen occurrence .

 

[Jasz]

Spending addiction is a serious problem in today's world, and it can have wide-reaching consequences for the individual. In some cases, an addiction may lead to job loss or financial ruin, and in other cases, even prison time. This can be avoided by seeking help from a support group or therapist.

We all know spending addiction when we see it—but what are the signs? While you may think that you are simply a generous tipper or a person who has expensive taste, there are specific things that you can look out for to confirm your suspicions. For example, if you find yourself unable to stop spending money on new clothes every month, or if you're constantly thinking about what kind of purse/shirt/shoes you're going to buy next, it could be a sign that you're addicted.

Be wary of the addictive nature of spending.

Spending is one of the most addictive behaviors in our society, and if you're not careful, it can lead to negative consequences.

For example, many people disregard the fact that spending can lead to poor financial decisions, and they continue to spend money on things they don't need.

They fall into a trap of making purchase after purchase while accumulating debt, and they can't see a way out.

If you're passionate about spending money and want to do it without consequences, we recommend that you find ways to be frugal.

Find creative ways to save money on things you normally spend money on, and you'll always have money available for your passion.

If this sounds like something that is happening in your life, it is important to consult with a therapist or support group immediately to try to get yourself back on track.

 

[Kendy]

There are many consequences of being addicted to spending and most especially if you are not financially independent or buoyant. Most people who even spend recklessly are those without a stable or secured source of livelihood. Some are addicted to spending just so they could move or flow with the current trend and also compete their peers and have a place in the society but reality always struck because they will sooner or later go broke and resort to borrowing money. The internet has made people to go into bad debts just to make a trend on how well they are living their lives when in reality, they are incurring huge debts. Those who are addicted to spending do not necessarily have an important investment which they have made and if you are close or acquaintances with such calibre of people, you would notice that there is no useful thing they money had been used for and they normally have many excuses to exonerate themselves especially when you try to give them some financial advise or tips. Getting addicted to spending is not advisable and this things starts mostly when trying to copy or impersonate another person. However, it can be curbed by being intentional about investing in; stocks and shares, real estate and through volunteering.

 

[sincerem]

What you've said is very much essential when it comes to consequences with excessive money spending. When we spend lavishly it comes with its own negative effects which some of the aforementioned factors are few options of it. We simply need to spend money wisely, spending money based on necessity is wrong, it should be spent on priorities which is things that matters alot. We should have savings as well in terms of emergency priorities of life. I sane money not just for future benefits but also for future emergencies. Since we are living in a world full of unwanted surprises, we should simply save money for all of them and not just for a single purpose. I am not praying for unheralded circumstances of life to come through me, bit since we are living in an imperfect life all this things do happen and we wouldn't stop or know when they come. Rather, we should always be prepared for them when ever they surfaces in the future. I wouldn't like to be a one day millionaire, spend all I got within some moments and simply go broke, instead I'll be quite mean when it comes to money. If I lose it all, I'll be the one to suffer long through the days.

 

[Sotherefore]

A potential man with strong future plans will always try to save, I know it might actually be difficult when you don't have a good source of income because at this stage making having a reasonable saving will be almost impossible.. I whatever I do I tried to make sure I save as much because that is the the character of people has a better saving plan.. sometimes the stress of life could makes it almost impossible to have to even consider saving as an important factors in life.

When you are able to save money you can plan out your life perfectly, it shouldn't be dependent on the amount of money we makes on monthly basis, it is always advise that bno matter the amount of money we make we should always try to save at least a certain percentage for future purposes.

A situation in which you don't even have a single saving then obviously you may not likely plan anything in the future. It's all depends on what we want in life.
Those people that are interested to achieve something reasonable must try as much as possible to plan, organise and Also get in touch with people that could helped achieved their dreams .

 

[Yhubee]

Strategic planning has to be carried out on what to buy and what not to. Also it takes discipline to follow such plan .Bit spending money aimlessly without keeping track on the amount of money you have left or required to use to get needs met can lead to being totally broke

 

[Kingsley]

This is one point that those living above the poverty line must try as much as possible to really take note of as they seem to spend even more than what they earn as their income. Some people spend without thinking od what the consequences of their actions today will be for their children coming on tomorrow. This is exactly why my country is where it is today, there was a time during the past administration when we had the economic boom and then the oil prices where very high at the time and the country was making a very massive profit and the money that was been earn by the country most times outweighs the benchmark used to prepare the budget of the country, so there was always excess. Unfortunately the government in power then we're so myopic to see through the future and they taught things will remain like that forever and they normally shared the excess funds amongst the states of the federation. Then the minister of finance tried sending warning note to the government to reduce the rate at which they are spending but it all fell on deaf eyes and today we are borrowing everywhere in the country.

 

[Chibson]

Being addicted to spending has a lot of disadvantages because it will not give you the chance to save money and actually venture into any business and at the same time you will not invest your money in any reasonable thing that would probably multiply it in the nearest future.

The truth is that the kind of lifestyles people live actually determines the amount of money they can save because if you have a very expensive lifestyle there is no way you can be able to save any tangible amount of money. If you are making about $1000 on monthly basis I think you should try as much as possible to be saving at least 200 or 300 dollars on monthly basis because it can go a long way for you in the nearest future.

This is one thing that a lot of people do not know and they are always carried away by their current income stream. if you have a business it is important you try as much as possible to venture into other businesses because that alone can give you the opportunity not to overspend your money.

Investing in the right things and spending certain percentage of your monthly income is very important if you don't want to go into bad debt.

 

[Abigael]

Spending is a very enjoyable human activity. People use money to buy things they desire like certain types of food, clothes, shoes or properties. This spending usually comes with so much pleasure because what you buy gives you so much satisfaction. But just ever other thing that causes satisfaction, spending can end up being addictive. That causes so many consequences, some of them include;

1. Always being broke and financially unstable - this is because you end up spending without a plan. Without a budget, you easily run out of money and stay broke.
2. Leads to unplanned loans - people end up borrowing money without plans on how to pay back just to spend the money on unnecessary things. This is because they are used to spending and will do anything to get the money to do so. This only leads them to bad debts.
3. Poor saving culture - if you are addicted to spending, you are tempted most of the time to dig into your savings so as to keep spending. That makes you to never have a great saving culture.

Given these consequences, it is great that people should train their mind so as to rewire the brain from this addiction. Starting as soon as possible will enable you to fight the addiction before it gets too serious.

 

[CALVINDOL]

To spend money is absolutely part of living and survival of a human being . We individual have to spend so as to be able to acquire properties and goods and services that we desire or admire . we need to spend so that we can get a particular services that we want or desire and in order to spend we need money which makes money a very important and useful tool . because money is a very important to it must be used wisely and sensibly that is why we Are never advise to overspend money even if we are considered to be rich and wealthy . No individual on Earth is guaranteed to be rich and wealthy forever that is why I it is advised to save money or to save money more than we spend it .

When we save money we absolutely become very conscious and alert of the future we also show that we value money as well . The future could be very crucial and some crazy and unforeseen circumstances are considered to happen in the future for example falling sick unexpectedly , paying unexpected bills like electricity bills , repairing your unexpectedly damaged car etc . And so on and so forth .

 

[Augusta]

I always tell people you can't just do without spending, because there are those things that are so basic that you just have to get for yourself daily and you can't do without spending money on them but the truth is that we indulge some frivolities that sink our pockets

in life every bad decisions come with it's consequences, if you do not retrace your steps when you first noticed you are going the wrong route then life will happen. Same is applicable with too much spending you would kill a business faster with more spending.

The consequences includes
Stunted growth of the business, business will not grow as the money that would have been used to reinvest in the business to grow and expand more are being spent. So the business will be at a standstill

You would get frustrated because you might not be able to achieve the kind of business you needed to have due to lack of money or no growth. the money you would used for the money went on spending spree

Lastly there will come the collapse of the business, this is no r ok cket science when once the money meant for the business continuation is no longer available the business will fail

 

[Axis]

It is absolutely not advisable came from an individual to be addicted to the financial activity of spending money. There is absolutely no doubting the fact that money itself to plays a very important role in the existence of human beings but that does not mean that an individual should overspends his or her wealth without having a list or record of things in which he or she needs and does not need. That is absolutely made the need for having a budget comes in, majority of individuals usually purchased things as a result of peer pressure or influence from others which is absolutely not good.

If you do not need a particular asset or a particular property, then there is absolutely no reason for an individual to purchase such assets, because the only possible thing that may emanates are regrets and remorse possibly when the individual comes to see that he or she doesn't really need such a set of such property in which he or she has bought which constitutes to a wastage of money.